This weekly email comes to you from a lovely backdrop in Sedona, AZ. Tara and I arrived today and are taking a few days to enjoy the scenery before attending the Fidelity Focus 2022 conference later this week in Scottsdale.

The Tactical Growth mandate had a terrific week last week. We started the week with two huge up-days. I took advantage of that time to execute my plan of selling into strength. It is said that the market tends to have its most aggressive rallies during bear markets. It looks as though that is exactly what played out this past week.

We are now sitting on approximately 35% cash after having been fully invested last Monday morning. I remain patient as we wait for the next buying opportunity.

I sincerely want to wish you all a Happy Thanksgiving. I’m very thankful for all the trust you’ve put in me to allow me to do what I enjoy doing the most (I mean investing for you – not sipping cider in Sedona).